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Application of factor analysis in company management — selected examples related to competitiveness and market success

Jurczak Jolanta, Jurczak Grzegorz

Engineering Management in Production and Services

2021

Vol. 13, no. 3

25--36

Factor analysis is a standard statistical technique for reducing data dimensionality, which is widely used in sociology, psychology, and demography. Also, financial and insurance institutions commonly use such a technique for marketing research. In recent years, factor analysis has been used, at the beginning rather diffidently, to analyse selected problems of business management, e.g. to troubleshoot consumer and company communication. There are some literature reports about the successful use of factor analysis in managing a company area. Nevertheless, the literature seems to lack examples with successful use of the method with a clear explanation of its rather difficult application in the field of competitiveness or potential company boost. The modest popularity of such a powerful technique in this particular field seems to be attributed mainly to the complexity of the method and its requirements concerning the data quantity. Besides, the factor analysis technique has great potential and can be used as an efficient tool to reduce the complexity of observed phenomenon or verify the accuracy of theoretical models. Therefore, the purpose of this paper is to present a vast potential of factor analysis (both exploratory and confirmatory) applied to solve various problems in company management, especially related to competitiveness and market success. Two case studies covering the subject of business management are presented to illustrate the benefits of factor analysis application. The exploratory factor analysis is exemplified by the search of factors related to the commercial success of the company, while the confirmatory technique is illustrated by a case study of the intellectual capital of the company and its factors related to competitiveness. The paper also presents the essence of the factor analysis, types of analysis, subsequent procedures, purposes, and its specific features. Finally, the applicability of the factor analysis to solve management issues and possible gain in management are discussed.

Exploring leadership styles for innovation: an exploratory factor analysis

Wipulanusat W., Panuwatwanich K., Stewart R. A.

Engineering Management in Production and Services

2017

Vol. 9, no. 1

7--17

Leadership plays a vital role in building the process, structures, and climate for an organisation to become innovative and to motivate team expectations toward innovations. This study explores the leadership styles that engineers regard as significant for innovation in the public sector. Exploratory factor analysis (EFA) was conducted to identify the principal leadership styles influencing innovation in the Australian Public Service (APS), using survey data extracted from the 2014 APS employee census comprising 3 125 engineering professionals in Commonwealth of Australia departments. EFA returned a two-factor structure explaining 77.6% of the variance of the leadership for innovation construct. In this study, the results from the EFA provided a clear estimation of the factor structure of the measures for leadership for innovation. From the results, the two factors extracted were transformational leadership and consideration leadership. In transformational leadership, a leader values organisational objectives, inspires subordinates to perform, and motivates followers beyond expected levels of work standards. Consideration leadership refers to the degree to which a leader shows concern and expressions of support for subordinates, takes care of their welfare, treats members as equals, and displays warmth and approachability. These findings highlight the role of leadership as the most critical predictor when considering the degree to which subordinates strive for creativity and innovation. Both transformational and consideration leadership styles are recommended to be incorporated into management training and development programs. This study also recommends that Commonwealth departments recruit supervisors who have both of these leadership styles before implementing innovative projects.